COMPUTATION OF EARNINGS PER COMMON SHARE

9 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

COMPUTATION OF EARNINGS PER COMMON SHARE

COMPUTATION OF EARNINGS PER COMMON SHARE

The Company has a share-based compensation plan under which employees, non-employee directors, and consultants may be granted share-based awards, including shares of restricted stock on which non-forfeitable dividends are paid on unvested shares. As such, shares of restricted stock are considered participating securities under the two-class method of calculating earnings per share. The two-class method of calculating earnings per share did not have a material impact on the Company's earnings per share calculation for the three and nine month periods ending December 31, 2014 and 2013.

The following table sets forth the computation of basic and diluted earnings per common share for the three and nine months ended December 31, 2014 and 2013:

	Three Months Ended   December 31,				Nine Months Ended   December 31,
(in thousands, except per share data)	2014		2013		2014		2013
Numerator:
Net income	$	30,384	$	34,383	$	86,477	$	84,474
Denominator:
Weighted average common shares-basic	41,901		42,441		41,780		42,647
Dilutive effect of employee equity incentive plans	799		787		894		907
Weighted average common shares-diluted	42,700		43,228		42,674		43,554
Basic earnings per common share	$	0.73	$	0.81	$	2.07	$	1.98
Diluted earnings per common share	$	0.71	$	0.80	$	2.03	$	1.94
Potentially dilutive securities excluded from diluted earnings per common share because their effect is anti-dilutive	130		268		442		173